Comments 66

Řecký odchod jako ekonomická příležitost

Feb 24, 2015 Alberto Bagnai , Brigitte Granville, Peter Oppenheimer, Antoni Soy

TILTON – První věta Římské smlouvy z roku 1957 – ustavující listiny celku, jenž se nakonec přetavil v Evropskou unii – vyzývá ke „stále užšímu svazku evropských národů.“ Nedávno se však tento ideál dostal do ohrožení; podkopala jej jeho vlastní politická elita, která zavedla společnou měnu, leč naprosto nedbala na zlomové linie v podloží.

Působením zdánlivě nekonečné řecké krize se teď praskliny vydraly na povrch – a rozevřely se. A nikde nejsou vidět zřetelněji než na vztahu mezi Řeckem a Mezinárodním měnovým fondem.

Když v roce 2010 propukla krize eura, evropští představitelé si uvědomili, že jim schází potřebné expertní znalosti, aby se vypořádali s hrozbou suverénních platebních neschopností a potenciálním rozpadem měnové unie. Předejít krachu eurozóny se pro činitele EU stalo vrcholným politickým imperativem, a proto se obrátili o pomoc na MMF. Neobvyklosti výsledné intervence Fondu jsou dokladem toho, jak závažné problémy eurozóny byly – a stále jsou.

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Gerald Silverberg Mar 4, 2015

Perhaps Greece should shift its negotiating position to that of defeated Germany in 1919:

http://silverberg-on-meltdown-economics.blogspot.in/2015/02/disagreeing-to-disagree-in-greek-debt.html
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Dade 74 Mar 2, 2015

The point is that we DO NOT WANT free lunch: we only want to build our future with our hands, probably making mistakes (as we obviously did in the past) as every other nation did and will do, but chosing our way by ourselves. Inside a monetary union with very different economies this is not possible: every "reform" or political economic option is based on values and ideas people didn't vote for. Do you think you can call this "democracy"?
- Rocco Doni May 15, 2015
  
  No, the € and democracy are incompatible
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Dade 74 Mar 2, 2015

Obviously an exit from the eurozone is not a risk-free operation: unfortunately all the alternatives are worse.
Do you think that after years of austerity and "reforms" things in Greece are getting better?
How do you think people who voted Syriza will react at Tsipras debacle? The answer will be probably Golden Dawn.
The main problem today is (lack of) democracy.
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Ralph Musgrave Mar 2, 2015

Test comment.
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steve from virginia Mar 1, 2015

We must destroy this EU in order to save it:

"That opportunity is default and exit from the eurozone, which would allow Greece to begin correcting past mistakes and putting its economy on the path to recovery and sustainable growth. At that point, the EU would be wise to follow suit, by unraveling the currency union and providing debt reduction for its most distressed economies. Only then can the EU's founding ideals be realized."

Here is yet another article about European economic distress and not a word about depleted energy or resource waste. Greece and the rest are broke because the day-to-day waste of non-renewable capital is non-remunerative. To buy fuel for Europe's millions of useless cars both individuals and countries must borrow trillions in foreign currency (euros) and pay pillaging real interest rates. Within this regime the bankers appear to win -- the EU is in effect a collection agency for the banks -- in actuality, everyone loses both inside Europe and elsewhere.

Greek exit from the euro is in name only, as long as the currency exists the Greeks will use it they will gain it by way of black markets/criminals which will undermine the rest of Europe even more than 'contagion'. If the euro dies the Continent will become dollarized, with local currencies (except maybe the d-mark) rendered worthless and unacceptable for overseas' trade.

In the post-Peak Oil age we are now living in there is no such thing as 'recovery' or 'sustainable growth' which are all code words for care-free resource cannibalization. We must husband and conserve what is left of our precious capital or our countries die and citizens suffer ... it is that simple. The waste-based game is over.
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Keith Johnson Mar 1, 2015

http://kjohnsonnz.blogspot.co.nz/2015/02/ancient-wisdom-on-greece-and-its.html
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Eusebio Manuel Vestias pecurto vestias Mar 1, 2015

the Greece should not be the boos of political uncertaintiesin Europe to Greece has commitments with Europe and its cretidors is to respect commitment
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Miriam Campanella Mar 1, 2015

Yes, I do agree.
But what about IMF and Ukraine?
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Hergen Heinemann Feb 28, 2015

Probably more true:
"The single worst outcome of the current negotiations would be Greece's non-submission to its creditors' demands, with large creditor- concessions. Such a success of anti-EU-parties would fuel greater public support for anti-EU parties and movements elsewhere, and would amount to a missed opportunity for Europe.
Read more at http://www.project-syndicate.org/commentary/greece-eurozone-breakup-by-alberto-bagnai-et-al-2015-02#15w1f4ASi29sOHkd.99"
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raul ramos Feb 28, 2015

28 february 2015 manila, ph

economy in an intelligent view,

with all my respect to the head of the
international monetary fund (i.m.f.)
madame christine lallouette lagarde.
we love you madame. with this
statements “greece is doing to its
best to become financially stable”.
just to be real, true, honest with you,
how i wish that there is a still a chance
of returning back to the growth that
we’ve seen in this beautiful country,
“greece”. i don’t want to be negative.
but let us all keep this in mind, “there
is something wrong with how the
global economic cycle is moving”.
thanks’

facebook: thegreatdepression.part2@yahoo.com

kindly please take good care and God bless . . . . . . . raul
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hari naidu Feb 28, 2015

Whatever happens Greece debt/GDP ratio cannot be reduced in medium term without a hair cut; long term it's feasible that Greece will default and create political mayhem in EU Council, EP and EU Commission.
The rest of the story you know...
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Thomas Lloyd Feb 27, 2015

Greece should not have been allowed to join the EU as it hid it's true financial state. The EU was also to blame as it did not do due diligence. Greece should leave the EU and change its national anthem to money for nothing.
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Andrea Brenci Feb 26, 2015

It's time for the Euro to go to the hell. Before we do.
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Carmen Gallus Feb 26, 2015

In the course of the negotiations with Eurogroup, within the space of a few days, the Greek position crashed down. Rarely a strategy has collapsed so clearly and so rapidly. Greek government is attempting to represent this devastating outcome as a “negotiating success,” but on the contrary it should size up the situation, look reality in the face and change its disastrous strategy: lenders will never agree a favorable solution for the debtors, and no alliance with other governments is possible. I really agree with the authors that the only real chance is default and exit from the eurozone.
- Keynes blog Mar 2, 2015
  
  Really Carmen? Evans-Pritchard, Sapir and Krugman said negotiations went good for Greece. I imagine they are "traitors" "tsipriots" "collaborationsts" from your POV.
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- Andrea Giannini Feb 27, 2015
  
  Right. Point is now everyone sees that democracy and social policy aren't possible at a national level within this European framework. So, since there is no democratic "european level", this means democracy and social policy are not possible at all.
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ceccato giuseppe Feb 26, 2015

THIS IS A WANDERFULL ARTICLE....
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Luciana Crestani Feb 26, 2015

The European Union is a old project of oligarchics groups for absolute power,so euro is no-democracy
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ERIK BABINI Feb 26, 2015

Thank you Alberto, Brigitte, Peter.
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Stefano Giuseppe Vitiello Feb 26, 2015

Would you be a good doctor?

to answer: http://disq.us/8lx5r1 "Nobel winner: Germany's the problem, not Greece"
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PeterYanez PeterYanez Feb 26, 2015

The authors tell us that "the aim of the Greek bailout was not to restore prosperity to the country's people, but to save the eurozone."

They suggest that it's time to restore prosperity to Greece with a sovereign default and the exit from the eurozone and to dismantle the eurozone instead of saving it.

Strangely enough the authors don't consider that the economic consequences of these suggestions could be destructive for Greece and deleterious for Europe.

Probably they assume that imagination and prophecy rather than rational arguments are the basis of economy as a discipline.
- Brent Beach Mar 1, 2015
  
  The Euro side of this negotiation sees the implications for Greece, which they must feel are ok, but ignores the implications for itself. Only when they see that if Greece fails they fail as well will they adopt a more reasonable path for Greece. One hopes it won't take a Grexit for them to come to their senses.
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- Fabio Pieiller Feb 26, 2015
  
  The economics consequences of remaining in the eurozone are driving Greece to destruction as well, resulting in just prolonging the agony of the Ellenic country and posticipating his bailout with further useless suffering. With or without bailout, the only possibility to find a way to get out from crisis is through euro exit.
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- Filippo Podeschi Feb 26, 2015
  
  Troika failure have shown that primary surpluses are not sufficient to make debt sustainable, only growth can do it.. And the only realistic path of return of growth (both export and internal market) is reject eurozone rules and blackmails
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Henry Tougha Feb 26, 2015

Thanks to the authors and thank to Project-Syndicate for having published this interesting article!
The fact that the Greek bailout only served to save the Euro, and that EU officials did not even know what to do that themselves, is appalling.
The Euro is an economic absurdity (as economists knew since the 90s at least) which was only created for unacceptable political purposes (i.e. the unfeasible and undesirable "United States of Europe"). It is now time to quit this absurdity and restore normality and democracy in Europe.
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Gaetano Consorti Feb 26, 2015

Thank you very much for your bravery and your honesty. You don't be afraid to confront IFM, BCE and Eurogroup huge interests. You're a hope for suffering european working class.
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Leonardo La Rosa Feb 26, 2015

Come sempre un'analisi lucida e puntuale che mette in luce i veri nodi che bisognerebbe sciogliere e che ancora una volta nessun altro si preoccupa di affrontare.
Vedi anche la traduzione in http://goofynomics.blogspot.it/2015/02/le-conseguenze-economiche-della-grecia.html#comment-form
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Alberto Tatarano Feb 26, 2015

Even Stefano Fassina former deputy economy minister and Valéry Giscard d’Estaing stated the best thing that Greece can do is leave the euro. The strength of this article is to say things that are not original but publicly say in a few
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STEFANO LONGAGNANI Feb 26, 2015

Arts is better choice: http://www.dazeddigital.com/artsandculture/article/23651/1/a-greek-artist-has-been-defacing-euro-banknotes
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Michal Horvath Feb 26, 2015

Freedom of speech is a wonderful thing. This article is a wonderful demonstration of the principle that anybody can write anything really. To every complicated problem there is a simple solution that is very likely wrong - is what I would like to paraphrase here. Thank god these people did not become doctors.
- Michal Horvath Feb 27, 2015
  
  @Mario
  
  I sense a strong Italian presence here. I think the question about what got stuck in the toilet is indeed very interesting if you come from that particular country. Italy has barely grown in the last 20 years, it was the old sick man of Europe well before any crisis, it's debt has been high for ages. Before the euro, you could barely count the number of zeros on your price tags because devaluation and inflation was what you needed to be able to pay your way in the world. So you really better check those pipes out to find what prevents growth and I bet whatever is stuck in there, it is not a bratwurst but a massive home-made piece of .... . All this talk about debt relief and devaluation, breakup, whatever. Do you really think it would make your life better? Temporarily, maybe. But you would have the same old issues coming back to haunt you. It would be possible to design a temporary relief in a European context without any break-ups and debt reliefs but if you are unable and unwilling to commit to a serious reform agenda (other than bla bla bla) why would you expect the poor Estonians, Slovaks or even the Portuguese to pay your free lunch?
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- Mario Salvatori Feb 27, 2015
  
  @ Horvat:
  When the plumbing is stuck in YOUR house, first question must be: what did I - and my relatives - throw in the toilet?
  Try to find the right answer: it could be a jolly good lesson, for you.
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- Stefano Giuseppe Vitiello Feb 26, 2015
  
  If you have better things to do and you are not familiar with economics, WHY do you write such comments?
  We are very emotional about these issues because there is an economic aggression of Germany and there are some VICTIMS of this aggression, the greeks, the italians, ecc..
  And you don't have answered to my question: Would you be a good doctor? http://disq.us/8lx5r1 "Nobel winner: Germany's the problem, not Greece"
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- Michal Horvath Feb 26, 2015
  
  I can see many of you are very emotional about these issues. Fortunately, I have better things to do in my life than to be familiar with the entire publication history of all the people in the universe, however intelligent they might be. But one thing is clear. Be careful what you wish for when it comes to Grexit and all kinds of debt forgiveness. You may not like what is going on now in Europe but - to use again an example - if the plumbing is stuck in your house there usually is a better solution than blowing up your house and starting to build a new one (especially using the same materials).
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- 2 Lonelytrickster Feb 26, 2015
  
  Could you please point out where the authors declare that € exit would be a "simple" solution?
  Both Proffessor Bagnai and Professor Granville have said many times that the dissolution of European monetary union will be anything but easy, especially without the cooperation of northern countries.
  I recommend you to surf here: https://www.youtube.com/watch?v=TuYhMHuhlIM and listen to Brigitte Granville point of view. You'll find more material in the website of A/simmetrie: http://www.asimmetrie.org/?lang=en .
  I really think that nobody imagine € breakup as a party; we'll pass through very hard times, but It's the only rational way to restore democracy, preserve peace and put an end to the humanitarian crisis we are suffering in the southern europe.
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- Daniele Gatti Feb 26, 2015
  
  It's an interesting point of view.
  
  Now, do you actually have anything to say about the article ?
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Keynes blog Feb 26, 2015

Many other authors believe that Grexit would result in a domino effect, since it would directly affect the credibility of the ECB and because markets would begin to wonder "who's next?". Barry Eichengreen has called the Grexit a "Lehman Brothers squared". The authors of this article are playing with fire.
- Alessandro Russo Feb 26, 2015
  
  "to keep Greece in the euro but stop the austerity" this sentence is a logical contradiction. A don Quixote strategy that is good for fighting against windmills. reality is another thing
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- Keynes blog Feb 26, 2015
  
  "OK, so you're saying that Greece should just carry on with austerity"
  
  No at all. That is a straw man argument.
  
  "because it's pretty clear at this point that the amount of goodwill towards Greece by other governments is precisely zero and Syriza is not willing to use the "nuclear option" as leverage"
  
  During the Cold War no one has explicitly called for the nuclear option, but everyone knew that could happen. This led to a equilibrium.
  
  Greece doesn't need to invoke the nuclear option and Syriza cannot do that because was voted for the opposite reason, namely to keep Greece in the euro but stop the austerity.
  
  The Greek government could simply let things go in that direction, without an explicit threat, and eventually defaut within the eurozone.
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- walter palma Feb 26, 2015
  
  You're missing the point: Jean-Claude Juncker, "there can be no democratic choice against the European treaties."
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- Daniele Gatti Feb 26, 2015
  
  OK, so you're saying that Greece should just carry on with austerity, because it's pretty clear at this point that the amount of goodwill towards Greece by other governments is precisely zero and Syriza is not willing to use the "nuclear option" as leverage (which would be the only way to try and implement a cooperative solution such as the one from the European Solidarity Manifesto).
  
  That will work a treat, at least until the next default, and the next, and so on until someone much nastier than Tsipras gets elected.
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- Keynes blog Feb 26, 2015
  
  Authors more cautious like Jens Nordvig warn about the dangers of a unilateral exit from the eurozone, and the European Solidarity Manifesto signed by the authors of this article talks about risk of banking system collapse in the event of unilateral exit.
  
  http://www.european-solidarity.eu/esm.php
  
  http://www.policyexchange.org.uk/images/WolfsonPrize/nordvig%20-%20rethinking%20european%20monetary%20union.pdf
  
  http://keynesblog.com/2015/02/25/gli-eccessivi-ottimismi-sulluscita-dalleuro
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Leonardo Sperduti Feb 25, 2015

Fantastic Four. Great.
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Carlo Guadagni Feb 25, 2015

Unfortunately you can not expect from a political force as SYRIZA, which has made all the election campaign by promising "heaven and earth" but firmly ensuring that it would never exit from the single currency, which could even get something more than the nothing that has obtained.
Until there is in Europe a political force that will have the courage to tell the truth of the facts, take the votes on the basis of this truth, and going to the tables manned by political terminals of financial elites financial, saying "that's enough ... bye bye" , no solution can never be realized from below.
Another hypothesis, but as a solution from above, it could be that these elites, once decided that Greece is no longer a systemic risk both from the financial point (the private banks were switched, charging to the public) and politically (minimization of emulation risks by other countries ...),
tire of financing Greece and abandon to his fate.
Third hypothesis, the least desirable: inability of politics to take the situation in hand, contemporary entrenchment of elites on their positions (even at the risk of sawing the branch where you are sitting ...) and subsequent disintegration of the eurozone, but unfortunately between the fire and the flames of the streets of Europe.
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Alessandro Russo Feb 25, 2015

Euro was built intentionally as a democracy killer. It's not surprising democracy is dying in Europe. Save the Europe kill the €uro
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Moreno C. Feb 25, 2015

It's time to stop playing with the life of the Greeks and give them back their Democracy.
Hoping in a day when Court of Human Rights will condemn Troika's leaders and theirs dogs for their crimes.
Thanking these Professors for their commitment to a rightest economy in a rightest world!
Ecomomy is not a joke, people is suffering and dying!
http://www.asimmetrie.org/category/working-papers/?lang=en
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Silvia Tara Feb 25, 2015

Il lato umano e civile dell'Europa.
Grazie!
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Laura Lombardi Feb 25, 2015

"...the Greek bailout was not to restore prosperity to the country's people, but to save the eurozone"
To me this is enough. Greece must exit from the eurozone.
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Mario Sperduti Feb 25, 2015

Everything in the costruction of euro zone is a lie. We are used to hear that Greece has manipulated the state accounts for join the eurozone, and that Germany don't want countries like Italy in the club.. it's absolutely false: I can't forget the sincerity of Frits Bolkestein in his speech at a/simmetrie conference when he has explained how I had noticed that Italy it's unfit for join the euro, and his collegues in German government told him that Italy must be in the euro at any cost http://www.asimmetrie.org/opinions/frits-bolkestein-on-the-present-state-of-the-economic-and-monetary-union/?lang=en

As Frits Bolkestein said:

“The monetary union has failed. It stops devaluations which the deficit countries need. Instead of being a zone of monetary stability, it is a source of unrest. As long as the North and the South are bound together, we shall never get out of the hole that we’ve dug for ourselves.”

Euro is dead, a voracious walking dead...
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roberto gambi Feb 25, 2015

Article shareable. But I doubt that Europe will act wisely. So far the EU has collected a series of failures: block the South Stream gas pipeline, sanctions on Russia, supporting the overthrow of the government in Libya, Syria and Ukraine, deterioration of living conditions in Greece, Spain, Portugal, Ireland, etc.
This model of Europe will not stand for long.
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Sergio Panzeri Feb 25, 2015

Article clear and objective.
The mistakes of the IMF and the EU have worsened the situation in Greece, they have not resolved it. The exit of Greece from the monetary union is the starting point for a solution.
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Ugo Sirtori Feb 25, 2015

Finally, a reality-grounded article about the Greek mess.
The eurozone was a risky project form the beginning - with very dubious possible gains. As Krugman once said, unfortunately the risks proved to be even bigger than initially estimated, and the gains even more trivial.
Politicians would be better face the reality for once: the project has badly failed, time to acknowledge it and start on different basis, first of all enhancing integration, not convergence, between european countries.
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Judith Mallard Feb 25, 2015

Is that 'Greece' or 'Peace'? LOL
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Davide Falchieri Feb 25, 2015

Finally he speaks openly of the problems of this europe.
it is essential that the states are working for a eurozone break-up ordered.
it is unacceptable that there are people in Europe who live in conditions of poverty and under such blackmail markets.
A heartfelt thanks to those who wrote the article raising the issue
Thanks
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Tomas Kurian Feb 25, 2015

If you want a functional federation, you have to know what you are doing:

Costs of keeping/creating a federation
http://www.genomofcapitalism.com/index.php/14-costs-of-keeping-creating-a-federation-2

Otherwise you end up with disaster

Foolishness of running trade surpluses
http://www.genomofcapitalism.com/index.php/6-3-foolishness-of-running-trade-surpluses

Debt write-off ?
http://www.genomofcapitalism.com/index.php/6-3-debt-write-off
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Francesco Mantovani Feb 25, 2015

Tsipras government did a fine job, and broke the dogma of Austerity following the way opened from the Italian presidency of the EU. I don't think we can solve the problem of the Europe without Europe, we need it's more Europe, not less. The UEM it's one of the biggest goal of the European Union, and we have to work for improve and reform the entire euro system. Yes, I'm agree that the euro is not designed well, but that's is just one reason more to keep stright and faster on the way of a stronger European integration.
- Ugo Sirtori Feb 26, 2015
  
  Europe is a geographic region, we cannot do anything to destroy it, unless we use nuclear weapons.
  On the other hand, EMU is just an economic tool, which proved lethal for european people.
  It's time we use the tools to make people better, instead of using the people to try to save the tools.
  Save the euro "whatever it takes"? No thanks, costs are already too high.
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- Mario Salvatori Feb 25, 2015
  
  More Europe, less democracy.
  Maybe it'll be good for you, if you're a fascist.
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Enrico Paolozzi Feb 25, 2015

Thank you all for your truth operation. Euro is over.
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Marco Russo Feb 25, 2015

The new Greek government fought only to defeat and admit that the best it can do is continue the much hated policies of the predecessor Samaras government by extending the Greek bailout program. Now, I think it's too late for everything, leaver the euro or not, Greece still too weak to face the euro exit without a big EU program of dismantling the euro zone like the proposal of the European Solidarity Manifesto. The Greece lost control on its own destiny long time ago, now we cant't think that the little Greece can break the euro zone and the Germany power.
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Filippo Podeschi Feb 25, 2015

I would add that not only IMF , but also the second member of the infamous Troika, ECB,
is unfulfilling from 2011 on his main task, price stability, in Greece and many other countries.
I suggest Mr. Draghi to stop sending letters to democratic governments of EZ, strongly suggesting structoral reforms, which is not what he is payed for, and start handling the huge problem of deflation in countries with high PRIVATE and public debts, before the problem become too big even for his monetary bazooka.
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Andrea Masetti Feb 25, 2015

The truth make us free.
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Giuseppe S. Feb 25, 2015

Thanks for this interesting article! Democracy is the only way...
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Michele Dall'Ara Feb 25, 2015

For a complete restore of democracy and freedom I say "No" to the fascist philosophy of domination better known as Euro-zone : € has to be rejected as soon as possible and the South Europe Countries have to take back control on their Democracy. I support Greece against the diktat of the BCE and I hope the Greek government soon will understand the only proper choice is to exit € and Euro-zone.
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Mark Schimermann Feb 25, 2015

It's all so ridicolous... This professors (poor students...) are very dumb, or worst: what they think? The Greece it's a weak country with ruled by bad politicians and bad entrepreneurs, who don't think to the greater good of a country, preferring steal public money and say lies to the Greeks. The Germany is the only leader country in Europe and the Germans and others northern europeans are tired to pay for the lazy people of South-EZ (France included), the EU it's the only way for us europeans to avoid to be dominated by USA, Russia, China or India and we can't afford anymore that the ridiculous countries like Greece can block our path to the United States of Europe.

Yes, Greece and the others must leave the Euro Zone (kicked out, I say), but ONLY after they paid all their debts. The time for baby-games it's over.
- Mario Salvatori Feb 26, 2015
  
  No doubt: this guy is a troll.
  Whose payroll is he on?
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- Stefano Giuseppe Vitiello Feb 25, 2015
  
  You are victim of propaganda !
  
  read/watch this : Nobel winner: Germany's the problem, not Greece
  http://www.cnbc.com/id/102367704?utm_source=newsletter&utm_medium=mail&utm_campaign=newsletter&utm_coent=2015-01-27#
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- Michele Sartori Feb 25, 2015
  
  But if greek people are not realiable, why german and french banks gave them so much credits?
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- GIOVANNI GARRUZZO Feb 25, 2015
  
  Dear friend Kraut, the Germans are responsible for the situation in Greece as much as the Greeks themselves.
  Who made loans, irresponsibly, to the Greeks? German banks in the first place, and who is paying? All European citizens through ESM.
  You Germans have learned little from history, and the tone of your response makes it clear that.
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- Sandra Moro Feb 25, 2015
  
  Hi Mark Schimmermann, let me ask you something...
  
  1) The euro too strong for Greece but too weak for Germany, favored obviously only Germany, so why the PIIGS have to pay for that mistakes? Singular, is not it?
  2)Given that Greece has made reforms, but it is always worse than before: do not you wonder if something went wrong in the eurozone?
  
  3) Could you explain why Italy for example, must pay by Mes for “Stupid Germans in Düsseldorf”?
  
  4)Do not you know that USE means more transfers? There is not USE without transfers.
  Is that clear?
  Last but not least: and what about democracy?
  Greetings from Rome
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- Davide Falchieri Feb 25, 2015
  
  it is evident that disregards responsability who lent money without any guarantee.
  You say that we are lazy and corrupt, but then why we have lent money so easy ? You know it, before. Maybe you are very bad businessmen?
  And who do you think he bribed Greek politicians?
  If we want to get out of this bad situation everyone will have to assume their responsibilities even countries like Germany, Finland and the Netherlands who have served haphazardly and exploited people in the workforce to get more competitive.
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- Luca Buldorini Feb 25, 2015
  
  Comments like yours show clearly the terrible damage done by the monetary union. The euro made you hate the Greeks and the Greeks are hating you. With a different currency Greece for you would have been only a nice place to have a relaxing vacation.
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- Daniele Gatti Feb 25, 2015
  
  I would suggest you clarify your comment, I think that what you really mean with "United States of Europe" should go by another name. It starts with "Fourth" and end in "ich".
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Francesco Spoto Feb 25, 2015

This interesting article poses different question about the way the so-called "Troika" has managed the Greek crisis since its very beginning.
The first issue, as the authors mention in the first part of this piece, is the accountability of the borrower. Is Greece sovereign enough to be held accountable for this huge amount of money?
On top of that come the technical error of the "receipt for growth" strongly suggested by the IMF, together with the other two Institutions, to Greece. It can now be stated without any doubt that the structural reform plan successfully implemented in the Hellenic country was neither fully achievable nor beneficial for its economy.
The third issue takes the shape of an open question: cui prodest? At first glance it seems that all the parts did lost something by mismanaging the Greece case.
To say it with Gordon Gekko's words: "follow the money". There we will probably find a reasonable explanation for all this suffering imposed to our Greek brothers.
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Davide Berolani Feb 25, 2015

Kώστας Λαπαβίτσας
Τι ακριβώς θα έχει αλλάξει στους επόμενους τέσσερις μήνες της ‘παράτασης’, ώστε η νέα διαπραγμάτευση με τους εταίρους μας να γίνει από καλύτερες θέσεις; Τι θα αποτρέψει την επιδείνωση της πολιτικής, οικονομικής και κοινωνικής κατάστασης της χώρας;
What exactly will change in the next four months of 'extension', so that the new negotiation with our partners to become of better places? What will prevent the deterioration of the political, economic and social situation of the country?
Only a Grexit can save Greece.
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federico nero Feb 25, 2015

Rarely has a strategy been so unequivocally and so rapidly distroyed as it happened with the strategy of Tsipras and Varoufakis, but for who already knew the truth predict this disaster has been easy.

With the assistance of some of the Greek media, the government has attempted to represent this devastating outcome as a “negotiating success,” confirming that it is “leaving behind the Troika and the Memoranda” and other similar assertions, but the Greeks are not stupids and they had already understood that what happened it's simply the treason of the unaffordable lies that the Syriza has told them during the electoral campaign.

Anyway, Syriza is not only Tsipras and Varoufakis e if this party still has a reason for existing as a political subject and a force for the elaboration of emancipatory politics, it must be a part of this effort to initiate an in-depth analysis of the present situation and the means of overcoming it, and explain to all Greeks that the main problem of the Euro Zone is just the Euro, the common currency that can't be reformed, the fixed exchange rate, the loss of the sovereign on central bank and everything else....

A my dear friend told “the truth make free”, so, even if it will be very harsh, the only way for Greece to breaktrough “the institutions” (the new name for troika) is leave the euro and face the way of freedom with all the efforts to regain prosperity that it implies.
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